Classical anti-commodification arguments: Commodification and fictitious commodities – Polanyi’s decisive contribution

Nicolas Postel and Richard Sobel ()
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Nicolas Postel: CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique
Richard Sobel: CLERSÉ - Centre Lillois d’Études et de Recherches Sociologiques et Économiques - UMR 8019 - Université de Lille - CNRS - Centre National de la Recherche Scientifique

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Abstract: Karl Polanyi is many people's go-to economic historian as regards commodification. This chapter draws attention to the analytical dimension of Polanyi's work and highlights the bounded application of the core concept of fictitious commodity. With this concept Polanyi designates exclusively the three production factors that "are not commodities" but must be "dealt with as commodities" for capitalism to work. In this sense, Polanyi's concept of commodification is less extensive but more specific than general criticism of market extension suggests. He basically proposes an analysis of what commodification produces as being the primacy of instrumental rationality in society rather than being any extension of markets.

Keywords: Fictitious commodity; Polanyi; Institution (search for similar items in EconPapers)
Date: 2023-11-01
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Published in Bertrand, Elodie; Panitch, Vida. Routledge Handbook of Commodification, Routledge, pp.37-51, 2023, 9781032037370. ⟨10.4324/9781003188742-4⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04381399

DOI: 10.4324/9781003188742-4

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